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LIC Jeevan Shanti (Plan 850) – All Details With Calculators

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Jeevan Shanti (Plan No: 850) is a newly introduced pension plan from LIC of India with certain innovative features which makes it one of the most attractive pension plan available in the Indian Market. Jeevan Shanti can be defined as a non-linked, non-participating, ‘Single-Premium’ annuity plan, wherein the policyholder has the option to choose an immediate or deferred annuity according to his wish.

LIC has revised Jeevan Shanti Plan with modifications in terms and conditions and pension rates. Please visit Jeevan Shanti (Revised)-All details with calculators to understand more about the revised plan.

The greatest advantage of Jeevan Shanti (plan 850) is that the annuity rates are guaranteed for both immediate as well as the deferred annuity at the inception of the policy itself. In other words, your annuity rates are protected from interest rate fluctuations and market risks throughout the period of the policy.

What is an Annuity?

An annuity is a series of equal payments at regular intervals. The interval can vary depending on the scheme namely Yearly, Half Yearly, Monthly etc. So Annuity, in simple terms, means ‘pension‘.

Types of Annuities

Generally, we come across two types of annuities.
a) Immediate Annuity – Annuity starts immediately after the premium payment.
b) Deferred annuity – Annuity will start only after a deferment period

Immediate vs deferred annuity Jeevan Shanti plan 850
Immediate Vs Deferred Annuity – Insurance Funda
LIC’s Jeevan Akshay VI vs LIC’s Jeevan Shanti

You may be knowing that Jeevan Akshay VI is a popular immediate annuity plan from LIC. As it is an immediate annuity plan the annuity is started immediately after completion of (first one interval) of the chosen annuity mode. For example, if the chosen pension mode is yearly, then pension starts immediately after the completion of one year.

On the other hand, Jeevan Shanti offers immediate as well as deferred annuity as per the wish of the policyholder.

The pension rates are guaranteed for the entire benefit period in both these plans. One major difference of Jeevan Shanti is that it allows surrender as well as the loan facility, whereas Jeevan Akshay can be surrendered only on critical health issues only. Further, no loan is allowed under Jeevan Akshay plan.

Jeevan Shanti plan 850 i illustration of benefits
Jeevan Shanti (Plan 850) Immediate Annuity options available.

Several Annuity options are available in Jeevan Akshay VI and the suitable option has to be selected at the time of purchase. Change in pension option later is not allowed.

  1. Annuity payable for life at a uniform rate. (Option A)
  2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive. (Option B, C, D & E)
  3. Annuity for life with return of purchase price on death of the annuitant. (Option F)
  4. Annuity payable for life increasing at a simple rate of 3% p.a. (Option G)
  5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant. (Option H)
  6. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant. (Option I)
  7. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the death of the last survivor. (Option J)
Jeevan Shanti (Plan 850) – Deferred Annuity options available.
  1. Option 1 – Deferred Annuity for Single life
  2. Option 2 – Deferred Annuity for Joint Life
Jeevan Shanti (Plan 850) – Premium and Annuity Calculator

Jeevan Shanti – Premium and Annuity/Pension Calculator is a powerful online calculator which can help you to understand and compare various pension options available under the plan. Please click the button provided below to open the calculator. You can provide your own requirements such as age, annuity options and deferment options to get the pension and premium details.

Jeevan Shanti - Plan 850 Premium and Annuity Pension Calculator
Jeevan Shanti (Plan 850) – Eligibility conditions and restrictions.
Jeevan Shanti – Eligibility Conditions and Restrictions
Purchase PriceRs. 1,50,000 (Subject to Min Annuity)No Limit
Age at entry30 Year (lbd)85 Years (lbd) except option F (Immediate Annuity)
100 years (lbd) for option F (Immediate Annuity)
79 Years (lbd) (Deferred Annuity)
Deferment Period1 Year20 Years (Subject to Maximum Vesting Age)
Vesting Age31 Years (lbd)80 Years (lbd)
Annuity ModeMonthlyQuarterlyHalf-YearlyYearly
Minimum AnnuityRs. 1000 per monthRs. 3000 Per quarterRs. 6000 Per half yearRs.12000 per annum
Jeevan Shanti (Plan 850) – Death Benefit

Death benefits are payable under Jeevan Shanti plan under the following annuity options only.

Immediate Annuity
  1. Annuity for life with return of purchase price on death of the annuitant. (Option F)
  2. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the death of the last survivor. (Option J)
Deferred Annuity
  1. Option 1 – Deferred Annuity for Single life
  2. Option 2 – Deferred Annuity for Joint Life
Jeevan Shanti Death benefit calculator

Jeevan Shanti (Plan 850) – Options available while receiving the death benefit
1. Lumpsum Death Benefit

Entire Purchase Price/Death Benefit shall be paid to the nominee in a lump sum.

2. Annuitisation of Death Benefit

Benefit amount payable can be utilized to purchase an immediate annuity from the corporation for nominees. Terms and conditions prevailing at the time of purchase of immediate annuity shall become applicable.

3. In Installment

The benefit amount payable on death can be received in installments over a chosen period of 5 or 10 or 15 years instead of lumpsum amount. Interest rates applicable for arriving at the installment payments shall be fixed by the corporation from time to time.

Jeevan Shanti (Plan 850) – Option to take Immediate Annuity by NPS subscriber

All the annuity options under immediate annuity shall be available to NPS Subscriber but if a government sector subscriber purchases this plan as the default option, option J shall be applicable if the spouse is available and option F in the absence of a spouse.

Jeevan Shanti (Plan 850) – Option to take the plan for the benefit of a handicapped dependent (Divyangjan) life.

If the proposer has a handicapped dependent, the plan can be purchased for the benefit of Divyangjan. The proposer can purchase a Single life deferred annuity (option 1) or Single life Immediate Annuity with return of purchase price (Option F) on own life. In case of death of the annuitant, the death benefit shall compulsorily be utilized to purchase Immediate Annuity on the life of the Divyangjan who would be the nominee.

The annuity payment to Diyangjan shall be subject to a minimum purchase price of Rs 50,000 and irrespective of any limit on minimum annuity payment.

Jeevan Shanti (Plan 850) – Surrender Value and Loan

The policy can be surrendered at any time after three months from the completion of the policy or the expiry of the free look period, under the following annuity options only.

Immediate Annuity
  1. Annuity for life with return of purchase price on death of the annuitant. (Option F)
  2. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the death of the last survivor. (Option J)
Deferred Annuity
  1. Option 1 – Deferred Annuity for Single life
  2. Option 2 – Deferred Annuity for Joint Life
LIC Jeevan Shanti 850 Surrender Value claculator



Click on the button provided above to open Jeevan Shanti Surrender Value and benefits calculator.

Loan facility shall be available on the aforementioned annuity options after the completion of one policy year.

Maximum loan that can be granted under the policy shall be such that, the effective annual interest amount payable on loan does not exceed 50 % of the annual annuity amount that shall be payable after the deferment period under the policy and shall be subject to a maximum of 80% of Surrender Value.

If you require any more clarifications you can use the comment section given below to ask your queries.

Anish L J

Anish L J is a 'Financial Planner' and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.

67 thoughts on “LIC Jeevan Shanti (Plan 850) – All Details With Calculators

  • If any one age 45 would like to purchase deffered annuity for 20 years and would like to surrender policy after completion of 19 years.
    1. What will be corpose (purchase price + GA)
    2. What is the surrender value available.
    Is it beneficial to exit?

  • Need some clarification regarding surrender of the policy. Suppose I take this policy wef October 2018. And want to surrender in the year 2020. How much I will be paid?

    Kamal Kumar Visa

  • Sir, let me know the effective surrender value factor year after year of purchase for jeevan shanti plan. This is still hidden and is not disclosed by anybody.

  • I want take JEEVAN SHANTHI plan deferred for 10 years,, after 10th year I will receive annuity ,but after my death what will happen my purchase price.

    • In deferred annuity option of Jeevan Shanti, two annuity options shall be available. Annuity for single life and annuity for Joint life. In both these cases, the purchase price is paid back to the nominee on the death of the pensioner.

  • Hi Anish
    I am 50 years old and will retired at the age of 60. Today if I have invested Rs.10 lakh what will be the pension amount after retirement.

  • How much my nominee will get for Rs.5L after my death in option F?

    • Option F is the ‘Annuity for life with return of purchase price’ and hence the purchase price used to provide you pension shall be given back to your nominee on death.

  • Suppose if I take a joint deferred policy of 10 years and during deferral period if first holder dies then first holder will get death benefit and second holder will receive annuity after 10 years till his life time. Please confirm

    • During the deferment period on the first death (of either of the covered lives) nothing is payable. And the survivor will receive annuity after the deferment period.
      During the deferment period, on the death of the last survivor, the Death benefit shall be payable to the nominee(s).
      I think it is clear.


    • Loan available is 90 % of surrender value. Please find surrender value from this calculator.

  • This policy have very low rate of intrest if someone deposit 10 lac he gets only 5283 per month for his life that is rate of intrest is only 6.6 god bahut bada chutiya banate ho tum log.

    • Mr. Vinay,
      Are you aware of the interest rate of fixed deposits available in banks? Well, how many years guarantee is available for a fixed deposit. Here LIC provides a lifelong guarantee for the initial interest rate which is great. Well, I don’t say this is the most profitable product available in the market. If you have better options you can go for it.

  • I am 56 and want to invest 20 lacs and start the pension after 5 years —

    If I die at the age of 70 ,what amount my nominee will get.

    • Death benefit shall be higher of
      (1) Purchase price plus Accrued guaranteed additions minus Total annuity payments paid till date of death or
      (2) 110% of purchase price.
      As the calculations are a little complicated, I shall provide a calculator to calculate guaranteed additions and death benefits for any age soon.. please wait few days.

  • My father (58 years) wants to invest 2 lacs for 5 year as option j with my sister. What amount of value will nominee get after both the applicant. .. If ur answer is purchase value. Please explain what is purchase value. Is it 5 lac or something else? ?

    • Death benefit shall be higher of (i) Purchase price + Guaranteed additions – total annuity payouts till death or
      (ii) 110% of the purchase price
      Well, this is not a simple calculation and I shall release a calculator to find this value easily. I could not do it due to some time constraints. Expect it in a week or two.

  • Hello, Appreciate your initiative, it is heard that on nearing interest payment(immediate Annuity), LIC will ask to choose from three options, and they won’t pay the said interest/annuity or they will deduct on the basic amount(purchase price) we have invested.

    • Hi Joice,
      From where you got this nonsense information. Are you aware of any such instance in the past 62 years where LIC has done like that?

  • Will i be able to get back my purchase price at any time ???

    • The purchase price shall be returned in the event of the death of the policyholder in “immediate annuity” option with the return of purchase price option. Return of purchase price shall be available in case of deferred annuity also on the event of the death of the last survivor (as per the annuity option). If you want to close the plan in between you will get only surrender value of the plan and the surrender value can be calculated using this calculator.

  • If I have purchased the Jeevan Shanti Policy on 23 Nov 18, with deferred time of 5 years, annual annuity, then from which date should I get my pension ? Please advise. Thank you

    • As the deferment term is 5 years your pension should start after the completion of 5 Years. In every annuity option, the annuity is paid after the completion of selected annuity period. So in annual annuity option pension should start on completion of one year after the deferment period. so the annuity should start on 23rd Nov 2024.

  • Dear Sir, please elaborate on Guaranteed additions. I am 40 years old and want to purchase the policy with 12 years deferment period. I am interested to purchase the policy online.

    • Please use this calculator to get more idea on guaranteed additions of Jeevan Shanti.


    • Use this calculator to get the Death coverage of Jeevan Shanti Plan.

  • Hi Anish,
    Is the Jeevan Shanti available to NRIs? I have settled in UK with British Passport. If not eligible for this scheme, do you know what other scheme is available?
    Thanks in advance
    Jatin P

    • NRI’s and Foreign Nationals of Indian Origin(FNIOs) can take Jeevan Shanti plan without any restriction.

  • I am chandran my age is 34 if i have paid 10lakh and put deferred period for 26years if i die before 60years how much my nimonee will get

    • Maximum deferment period is 20 Years. Please use this calculator to calculate death benefits.

  • How does this compare with the policies under NPS or is this also included in the NPS shortlist

    • NPS is not connected with Jeevan Shanti. The main difference is that NPS requires a contribution at least once every financial year, not just a one-time investment. Also, you need to stay invested till you are 60, there are restrictions on withdrawals at maturity, and it’s mandatory to buy an annuity with at least 40% of the maturity corpus. LIC Jeevan Shanti allows you to invest one-time for a deferred period of up to 20 years. It also offers Life coverage.

  • Sir,
    I am now 60. I want to purchase a joint life deferred (5years) Jeevan Shanti (Plan 850) annuity plan with my wife. My question is 1) if any one of the two dies in the period of deferment can the surviving one continue the plan or surrender it?
    2) Can the policy be surrendered at any time after 3 months of purchase. If it is true then whether both the survivors have to sign the surrender form?
    3) What is this “SURRENDER VALUE”? Is there any deduction from the original purchase price? OR there are some additions to it?

    • Hi Bikas Biswas,
      1. The survivor can continue the plan or surrender it.
      2. It can be surrendered any time after 3 months and both the survivors will have to sign surrender the form.
      3. Surrender of the policy will bring in a loss. I am sorry that the surrender value calculator page in this post is not loading after the latest Wordpress update as the javascript program is very large. I am looking into it and will rectify it within a week. After that, you will be able to know the exact value. Anyway, it can bring you around 20-30% loss from the invested amount.

  • many thanks, sir, for your prompt and clear reply

  • Sir I am 53 now. Want to invest 10lakh in jeevanshanthi with deffered annuity so that pension start at 60.if I take online how much I need pay intially with so called discount of 2℅

    • The premium will be 997640
      980000+1.8% GST

  • Sir, can you pl give comparison between LIC Jeevan shanti and sbi life saral. I wish to invest 5,00,000 rs and get pension after 10 years from now. My current age is 37 yrs. email – Pl guide.

    • Hi Mahesh,
      Jeevan Shanti and SbiLife Saral are totally different plans and cannot be compared. Jeevan Shanti is a guaranteed pension plan where you can know the pension amount based on the invested amount. Use the calculator provided in the post itself to know the pension amount. Saral does not provide any guaranteed pension and we don’t know what is the pension amount.

  • Boss, which one is best LIC JEEVAN SHANTHI or SBI LIFE ANNUITY PLUS?

    • Without any doubt.. a guaranteed plan is always better than a non guaranteed plan as far as pension is concerned. You better go for Jeevan Shanti.
      Read this article on retirement planning which could be useful to you.

  • Thanks for your prompt reply

    • Thank you, Ashok. Have a nice day…

  • My age 37 (Female) and my spouse age is 50. We have one Kid of 10 years old. We would like to invest Rs.19 Lakhs in Jeevan Shanti Plan. My husband taking VRS. We need regular Income for monthly expenditure and also future of our Kid. Could you please suggest which option would be better for us under various option available under Jeevan Shanti plan.

    • As your spouse and you need income for life, you should go for Joint life annuity. Option J where 100 % annuity is paid for spouse and return of purchase price on the death of the last survivor for the nominee will be the best option to think of.

  • Thanks. I have another query.
    1. As my Kids is Minor now. Can he became Nominee?
    2. How Much Monthly Return can I get for life and How much will get Nominee thereafter.

    • See the reply to your other query.

  • Thank you Sir. But I have further query:
    1. As my Kid is Minor now. Can he become Nominee? If, yes, what happen if both primary and secondary applicant become death before nominee become Major?
    2. How much monthly amount for life can I get by investing Rs.19,00,000/- and
    3. How much amount can get by Nominee after death of Both Primary and Secondary Policy Holder?

    • Hi Sumita,
      1. As your child is a minor, there is a provision to provide an Appointee who is a close relative of you to whom the claim amount is provided until your kid becomes a major. The appointee will act as a trustee who will take care of the amount and will pass it to the nominee as he becomes a major.
      2. Based on the data supplied (Age 50, Spouse age 37) The monthly pension amount will be 9943 and the yearly amount will be 9943. If you can defer the starting of pension for 5 years, the pension amount will be increased to 13418. (Deferred annuity option).
      3. Entire purchase amount less the GST paid will be returned to the nominee.
      If you have any further queries please feel free to ask.

  • Can I purchase Jeevan Shanti Plan now?

    • Jeevan Shanti is available for purchase now. There is a small rate change.. I shall update new calculator soon.. before purchase check the new rates..

  • Dear sir suppose I take policy Jeevan Shanti of rs 150000/= and opt J Option and after some time I want to take another Jeevan shanti of rs 300000/=and opted option of F Can this possible .What is the current rate of interest?

    • This is possible. The new Jeevan Shanti taken will remain independent of the one purchased earlier. You can get a detailed analysis of jeevan shanti plan from the android app(Smart all in one calculator) newly released by InsuranceFunda. The app can be downloaded from here.

  • Hi,I am 35 yrs and my spouse age is 31 yrs if I am opting for deferred annuity with joint life and my deferred period is 20 yrs with deposition amount is 1000000 INR in this case on interest rate I will be getting the pension?


  • If I invest 250000 for 10 years in deferred annuity with option of joint life and if one of us dies after deffered period then what will the second policy holder receive

    • In the case of a joint life policy on the first death, 100% of the pension will become payable to the survivor for his life and on his/her death entire purchase price is provided to the nominee. ( death after the deferment period)

  • Hi Anish, if i invest 10 lakhs for a deferred period 8 years, choosing option #2 (Deferred Annuity for Joint life), can we get pension amount Rs.8,863/= monthly basis for our life time? Is this said monthly amount a guaranteed one for life time? is there a maximum age limit (or) maximum number of years alone, we receive under the head “guaranteed” ? Please help to clarify. Thanks

    • The pension rates of Jeevan Shanti are guaranteed for a lifetime once it starts. The Pension rates of Jeevan Shanti has been revised recently. You can get all details of the Jeevan Shanthi plan and calculate the pension rates accurately from the android app of Insurance Funda – Smart all in one calculator. Please install Smart all in one calculator from the link provided here. I am working on the calculator provided in the site and will be updated very soon.

  • When do you chose your options under Deferred Annuity? Do you chose at the time of taking the plan or after deferment period?

    • Jeevan Shanti is a deferred annuity and the deferment period has to be fixed at the time of joining of the policy itself.

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